Economic Development DivisionDevelopment Agreement • June 20th, 2003
The purpose of this memorandum is to seek approval to enter into a development agreement with Town and Country Apartments in consideration of Town and Country’s commitment to improve their west entrance point and add a new $2,000,000 apartment building and a commercial building adjacent to their existing complex. If approved, the agreement would also allow the City to vacate the Boyden Street right-of-way that is surrounded on both sides by the developer’s property pursuant to the developer’s satisfactory completion of goals in the timelines laid out in the agreement.